• Karl Lagerfeld will design a capsule collection for Macy’s to be sold in 250 stores and on the Internet beginning in September of next year. Macy’s also plans to collaborate with Vivienne Westwood, Paul Smith, Calvin Klein, Costume National, and Versace. [Unbeige, WWD]

• Rumors have surfaced that Brian Reyes has shut down his eponymous ready-to-wear business after five years. [DFR]

• J Crew just announced a deal to be bought out by private equity firms TPG Group and Leonard Green & Partners LP for $2.86 billion. Millard Drexler will stay on as CEO. [Reuters]

• Models Karmen Pedaru, Anna Jagodzinska and Aleksandra Cywinska filed a lawsuit against their former modeling agency, Next, yesterday. The lawsuit claims the three European models are owed thousands of dollars by the agency. [NY Daily News]

• Transgender model Lea T, who is best known for her role as muse/model to Givenchy’s Riccardo Tisci, is scheduled to film a segment for one of Oprah’s final shows. [Elle]